UK regulator seeks to ban former Barclays executive for misconduct
By Kirstin Ridley
LONDON (Reuters) - Britain's markets regulator is seeking to ban a former Barclays (BARC.L: Quote) executive from holding senior financial services jobs, alleging he recklessly made misleading statements about a critical 2012 report into the culture of a U.S. division unit.
The Financial Conduct Authority (FCA) alleged Andrew Tinney, the former global chief operating officer of Barclays' wealth and investment management division, did not circulate a report from consultants, which said the bank's U.S. wealth unit had a "high risk" culture that was "actively hostile to compliance".
Tinney, who was suspended in late 2012 before resigning the following year, denies the allegations and has referred the FCA decision to the Upper Tribunal, a body that hears challenges to regulatory notices.
"I do not accept that any of my actions can be construed as misconduct and ... I look forward to finishing the job of clearing my good name in the Upper Tribunal," he said in an emailed statement on Wednesday.
The dispute hinges on how Tinney described a culture audit of the Barclays Wealth Americas (BWA) unit and whether he should have brought it to the attention of the bank's management and the Federal Reserve Bank of New York as Barclays battled to restore public trust in the wake of the Libor scandal in 2012.
"REVENUE AT ALL COSTS"
The FCA said Tinney was appointed chairman of a steering committee in early 2012, which was tasked with overseeing a program to rectify "regulatory deficiencies" at BWA. Continued...